Mortgage arrears, in positive equity, paying mortgage

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Marellie99

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Hi I need some help in dealing with the EBS. Like so many I got into arrears. Approx 20k, Mortgage = 90k, Home worth 130k approx. I have sent in numerous SFSs due to the fact that my circumstances keep changing ie lost job, wife lost job, got employment poor wages, wife got job, wife lost job, wife ill, wife hospitalised. I was sent out a proposal #1 by the EBS and I took it to a PIP who sent in a counter proposal to them which they rejected. No reason given to me in writing but they told the PIP that the reason his proposal was rejected was because the property was in positive equity. In other words they want the house. I am paying back the €600 per month at the moment and can just about do so. I have cancelled medical cover, sky, you name it I have cancelled it. I recently got a letter from the EBS for me to enter into a "interim payment solution" at €1100 per month. This will absolutely break me. I have tried to have a face to face meeting with them for over 3 and a half years but they will not meet. Recently I received a solicitors letter stating that they are starting repossession proceedings. Can anyone give me advise on what to do because my head is absolutely melted. I know others are in greater difficulty but this is my home and I have tried to pay as much as possible when I could. Dealing with the EBS is like trying to deal with a four faced clock, you just don't know what face is looking at you. Any help would be really appreciated.
 
We will guide, assist and provide you with independent and impartial advice to navigate this complex process. This initiative is free of charge to all AIB/EBS/Haven customers.

The above is from the IMHO. At [broken link removed]

This is who you need to contact urgently to try and sort matters out, and it's FREE for EBS customers.

You really haven't given us much financial information to go on (income, mortgage term, ages etc) . That is a relatively low mortgage amount. It might be solveable if the mortgage term were extended.

Unfortuantly the bank doesn't want to meet people head to head, they really don't want to know about your circumstances, how you lost your job, how your wife is ill, if they did they might have to deal with an actual human person so they avoid that so that you become just a number to them. It is not personal, it is business. You need the guys from IMHO to guide you through the process. They seem to be getting people sorted, not sure if you can be, but best of luck. (Maybe if you post up some figures you might get some ideas, but you've already tried a PIP)

On the PIP, how much were you charged? How many meetings, were you impressed. Not much point to a PIP though if his proposal was rejected.
 
  1. Hi Marellie. Sorry about the number at the beginning. It's this phone. I was trying to copy your your username and something funny happened. Anyway I say relax and enjoy the weekend, and don't worry too much. Bronte gives good advice. 90,000 to me sounds not that big too and it should be manageable. Could you find out your interest rate and how long you've left on your mortgage and we can do some number crunching for you and offer suggestions.
 
Thanks Guys,
I will get back to you with proper figures and terms etc. I will contact the IMHO asap. In relation to the PIP. I had several visits, loads of advice and I have to admit he is a real professional. Told like it is. The thing that really bugs me is that in the letter sent to me rejecting his offer no explanation was given, by phone I was told that the proposal was rejected because he had failed to send in all the required documentation which I now know to be false and miss leading statement on their behalf. I broke relations with my PIP thinking, due to the above that he was incompetent, big apology coming his way. He was told by phone that his proposal was rejected because they see the house as positive equity. What a shower of 4 faced.......?. I know that this is business but this could be sorted out once and for all so easily. Just for the record I'm not looking for write downs, hand outs, hand ups, nothing. Got in to trouble and need a sustainable way out its that simple. Thanks again guys.
 
This response really does not make a lot of sense and I'm surprised that your PIP accepted it. The MARP process is applicable here and if the information you supplied to the bank was deficient they are obliged to advise you on what further info they require and give you a reasonable time to provide it. A payment of 900 pm on a 90k mortgage is well above sustainability level and should be acceptable to the BSoc. Positive equity in the property is not relative to MARP and there is no way that enforcement proceedings would be successful if your information is correct. has the PIP supplied you with copy of response from the BSoc?
 
You really have to provide the information in this format to get any meaningful answer:

Information required for mortgage arrears and negative equity questions

Some debt advisors apply for split mortgages and reduced interest rates when the property is in positive equity. There is absolutely no reason why the lender should agree to it, so the advisors are wasting everyone's time and raising false hopes for the borrowers.

If you have a €90k mortgage at the EBS SVR, the interest is around €3,600 a year or €300 a month. If you pay €600 a month, it is extremely unlikely that any court will grant an order for possession against you. So pay the €600 per month. If they do take legal action against you, write back and tell them that you will contest it. If it goes to court, go to court and tell the Registrar your story. The Registrar will either strike out the case or continually adjourn it.

But, it's really important to provide all the information in the above format, in case you are leaving out something important.

For example, if you have a cheap tracker, but you are paying your credit union in full instead of your mortgage, then the EBS is right to pursue you.

Brendan
 
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